The Southland Times. TUESDAY, JULY 12, 1864.

Southland Times, Volume I, Issue 18, 12 July 1864, Page 2

The Southland Times. TUESDAY, JULY 12, 1864.

The question of the price of Hour or bread — the "staff" of life," a3 it has been uot inaptly termed- — is one which always excites interest, and rises or falls in the markets are events in which nil aro more or less concerned, no matter who they may be — whether speculators, dealers, or merely consumers. To the last mentioned, the subject becomes one of the greatest importance whon the price of this staple article advarices to something like a famine price, as it has been for some time past with us ; and auy intelligence of a reduction in price — or merely an anticipated redaction — is welcome news indeed, more especially to the poorer members ofthe class we have alluded to. Tor several mo.iths past tliere has been an unusual excitement in the flour market, and business dn* those marts whence our supplies have been principally drawn has been conducted in the most unsatisfactory manner: ; , There has been : nothing ."'.like legitimate trading carried on. All has been .speculative, and that of the most hazardous and unsafe character. Holders have been withholding their stocks in anticipation of enhanced prices, caused chiefly by ;the advices from California, that the want of rain there would render the crops a failure this season. Dealers, .toov.liave been purchasing, for the "most parti, just sufficient to meet their everyday reqiiire..m.6nts; There .is little doubt , that : the intelligence from California has been ithe principal cause of the feverish state of things. During the month of March, and the month preceding it, severe spells of dry weather were experienced:,** which militated most prejudicially against the ' farmers' chances of a return for liis seed; and it was beginning to. be thought that the harvest; would be almost a blank;; or, i : at. best, a failure, A San Francisco letter,, '. dated the 24<tli March, relates the state of the graiii; market there' at that time,' in \ the following : terms ,:-t- .AAA ... 1 If this'Veathei* continues, it is impossible to tell how .wide a range prices may take during; the next six ' months.' ' i 'Wheat,',' "this afternoon^; cannot be purchased j" There is no one here that* wishes to : sell.' -It was quofcett ye3terday afternoon and; tliis ! morning .at 1 -dbllar 75 cents, but it would be imf possible to buy 3,000 sa-cks now fori dollar 90 cents. There is no wheat in the city for sale at less than i. 2 dollars 10 cents, or 2 dollars 25 cents. Parties ; who bought some two weeks since at high figures

are'nowlioliungpn.iand hopeim a few days- to.: get tiieir old-price. ? There is now;ih the .State, m-store, 'probably 900,000 ibs.'vrheat,;iandr.sffl;^-day-you cannot in. tlie city purchase- lO,QOO lbs'.',, except at* Very extreme prices. Never before was our grain market in" 'such - an unsettled state, and in what direction prices will move, ,„time „onl£. can^toll.^ t 'Marley "aiicfoats are particularly scarce, and we dcftibt:itluifaii -entire cargo of eitlicr 'could be pta;-" •chased at any prico. -'> ■< ■■ L ;'■ ' -■' ,; - Shortly afterwards ,*-h owever ■ --we * have « ■ the cheeririgointelligence that tlie rains liad fallen in plenty-- and the expectations of the -(people ( off -California were again buoyant with" hope. News from that part of fthe world, has got "a 'bad name since the commencement of the war between North aiid ''South, 1 and accounts 'df ''Ndt|thbrn yictories j are now cpme . : to "be, Regarded !,with great' suspicion" ■We]l.'groun ] de i d suspicion it has frequently beeii found ; but how " the accounts of the grain ; crop of California should be viewed, with the same amount of distrust, it is difficult to under-* stand. Yet such is the case : The latest news is thus commented on by the Arrjus ; — " A'Vesssef ' (the Torres) has arrivedat Auckland >yith a cargo of flour, wheat, and oat's • but, as is customary from that part of the world, there is some mystery about it." Simply; say we, because the intelligence brought by' her is of tlie most satisfactory character ; find because it ] will tend to cause uneasiness amongst - those speculators who have been trading on the assumption that the supplies from that quarter would not materially affect Australian prices. On these grounds, doubtless, it is desirable for thenr that Californian news, even as regards 'grainT should be received only for Avhat it is worth, there being " some mystery about it." Truth, like, murder, however, >yill out, and tliose who have been speculating on the chances of a mere nominal trade with San Francisco, this season, may soon find it to their advantage to take another view of the matter. The Mercantile Gazette (San Francisco) reports that the speculative fever, which had been raging in the month of March, subsided on the first appearance of the rains, and the frequent showers which had since fallen, had been sufficient to check all wild speculation. The Californian Farmer becomes quite jubilant on the subject ofthe welcome ' rainfalls, and has a thanksgiving article, respecting the brightenedprospects of the State in consequence. It would ill becomes any one to doubt the truth or sincerity of language such as the following : — The blessed rain is with us, and tlio countenances of men beam withglad looks of joy, gratitude, and thankfulness. All are happy, save those -whose schemes of speculation have been thus early nipped in the bud. Cod's promises arc with us— " there shall be the early anil the lat ter rain." His promises arc sure, and* our State is safe. These rains will stimulate the crops that were in a suffering condition — will awakon (hem into new life and vigor, and make them valuable. A continuance of this rain, which is almost certain for several days, will set the ploughs at work, and induce considerable planting of grain still, for grain ha 3 been put in i.i many locat ions as late as April, and has done well in many years. Tlie* appearance is that the rain has only yet begun, and by reason of a long dry spell, wu can and should expect a regular old stormy time, and tnat •-•>» «l™„q* ™ll hi»»* --i.- r "-* """-*■ IJAAl J AA np power, and drop ol their richness upon the earth. This present rain will bo felt to a wide extent over our State, and we shall have goodcrop'; yet. Grain and produco has had one tumble — it will have another. Well is it if the growers of produce took the golden opportunity and sold lasL week — that was their time, and we urged them to seize it — that was the ilood-time for them ; if they have allowed it to pass they will regret it ; for, we repeat, rains are open to us, just such copious rains as wo had in tlio spring time of 1853, when Sacramento was Hooded in March. We do most earnestly hope our farmers will seize the auspicious moment and improve every acre of land possible while the soil can be ploughed, and put in some varied crop. All need not plant, to grain, other crops will do as well and even better, for we have grain enough on hand for the year 180 1-. Let all that can, plant " root crops " — sugar beets, rutabagas, &c, for dairy stock, and carrots for horses — these are cheaper anil better than lmv. Look to the grain market, and see the fall in grain as the clouds come to give of their fatness in rain ; so do sonic men's faces darken with sadness at lost prospects of speculations that would have filled them with fatness. There is this dilference, however — the clouds of heaven give of their fatnes3 to the great masses of the people, and they are blessed ; the speculation mania give of their riches to the few, and tlie people- — the great masses — mourn. So let the people all rejoice, for the blessed rains are with us, and G-od's promises, that never fad, are making the whole people rejoice. Our own flour market has been for a long time in a most unsatisfactory state as regards prices. Flour at £-l<o per ton, and bread at two shillings per four-pound loaf, can never be said to constitute the " staff of life " for the working man. They come to be regarded rather as . luxuries. Last week, however, brought a decline in prices ; and there is t the strongest reason for a further fall being anticipated. We are informed that the best Adelaide flour can now be purchased at ■■ £37, and other brands at something like £34 or £35 per ton, while the fourpound, loaf is down to Is. Gd. "With the prospect of cargoes of floui* and breadstuffs arriving almost daily, from the adjacent Provinces and Colonies; the present decline- in prices may ;be reasonably calculated upon as the precursor of a continued downward ■tendency for some time to come. We gather, from, the Auckland papers that 1 the Harburg, which brought, the week before last,; a {cargo of *■ five thousand bags of flour from '.'San".' Francisco, is, only the * forerunner of many such cargoes expected from that quarter. Should this prove to.b.e really "good news and true," we consider that there are strong grounds for believing that . the - prices which have hitherto been ruling will decline until something like a reasonable standard "is reached. How desirable this is it is scarcely necessary for us to say.